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2021 (11) TMI 161 - DELHI HIGH COURTSeeking grant of Bail - siphoning off of funds - defrauding large number of home buyers - petitioner urged since January 2021 the investigation is complete and no useful purpose would be served by keeping the petitioner in custody - petitioner did not cooperate with the police nor provided requisite documents and rather changed the registered office of the company - HELD THAT:- The petitioner was arrested on 09.12.2020 after issuance of NBWs. A press statement dated 11.02.2020 was issued by the Delhi Police on its official website stating interalia sincere efforts were made to arrest the accused person, but all were absconding and all their possible hide outs were checked, but no clues were found. The allegations are apprehending his arrest the petitioner too had shifted his residence at various locations and ultimately was arrested from a hotel at Faridabad, Haryana. Even one of the co-accused A.K. Sirohi, a joint managing director was granted interim bail to perform last rites of his mother, but did not surrender, rather is declared a proclaimed offender. The allegations are the accused company has been giving undertakings to various Courts from time to time to settle or pay the amount to victims, but all such undertakings have been violated and if the petitioner is granted bail, the possibility of his again absconding from justice, as shown by his previous conduct, cannot be ruled out. A chart presented by petitioner before this Court is though to the effect he has spent more than the amount received from customers appear to be misleading as he seem to have suppressed the fact the company had taken loans from various financial institutions for the project to an appropriate extent of ₹ 271 Crores which makes its total liability as ₹ 560 Crores approx; and hence even if it is admitted they have allegedly spend ₹ 421 Crores, much of the amount has been siphoned off to different entities having no concern with the projects. The allegations are also the petitioner had tried to collude with initial IPR of M/s. Shah Infratech Private Limited and the NCLT per its order dated 05.04.2021 had noted of such collusion between accused person and IPR - the present FIR since pertain to multi-victims, wherein the petitioner has allegedly duped of the investors of ₹ 120 Crores, thus defrauded large number of home buyers; coupled with his conduct of having failed to cooperate during investigation, cannot be released on bail at this stage. Application disposed off.
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